Vacation-PTO cash out reminder including instructions on how to contribute payment into deferred compensation

During Open Enrollment, you elected to cash out a specified number of vacation or PTO hours.  This email is to remind you that your lump-sum cash payment or deferred compensation contribution will be included in your February 14, 2014 paycheck.

You can choose to take your vacation/PTO election in cash or you can choose to contribute some or all of your cash out to a deferred compensation account.

• If you are electing to receive a lump-sum cash payment no additional action is required.  Lump-sum cash payments will have the following deductions:  FICA, Medicare, Federal, State withholding, and 1% Supplemental Retirement Plan contributions (if applicable).

• If you are electing to contribute some or all of the lump-sum payment into a deferred compensation plan, follow these directions:

  1. If you are not currently enrolled in a county deferred compensation plan, you must enroll and have your deduction set up in APEX by February 7, 2014.  Click here to learn how (see step 1).

  2. If you are already enrolled in a county deferred compensation plan, to account for normal contributions plus cash out hours, increase your deferred compensation dollar amount in APEX between February 1 and February 7, 2014.  Click here to learn how (see “change payroll deduction”).  You must elect a dollar amount, not a percentage. (To estimate the value of your cash out hours, multiply your hourly wage as of February 8, 2014 by the number of hours you've elected to cash out.)

  3. REMINDER:  Change your deferred compensation deduction back to the original amount between February 15 and February 21, 2014, or you will continue to make the larger contribution amount.  Click here to learn how (see “change payroll deduction”).

  Your full deferred compensation amount will be sent to the vendor.  Your deferred compensation deduction will have the following deductions from your paycheck:  FICA and Medicare taxes and 1% Supplemental Retirement plan contribution (if applicable).  For that reason your net pay may be less.  State and Federal taxes are not taken for the deferred compensation amount.

Questions? 
Email:  HR.ServiceCenter@hennepin.us
Phone:  612-348-7855